Read the tea leaves of the economy
Milken Institute panel on the current state of the economy and where the market is headed. Highly worth watching. Panelists include Meredith Whitney (one of the best banking analysts), Rebecca Patterson (JP Morgan), David Soloman (Goldman Sachs).
China’s jobless migrant workers reaches 30m
According to BoFIT:
China’s official unemployment rate, which does not count unemployed country-dwellers, is still a relatively modest 4.3 %. The official unemployment rate, however, has been rising since the fourth quarter of 2008 with the slowdown in economic growth and factory closings. The government still says it wants to keep the official unem-ployment rate below 4.6 % in 2009 and has targeted the creation of 9 million new jobs by the end of the year. In the first three months of this year, an estimated 2.7 million new jobs have been created, about 12 % less than in the same period in 2008. Even so, the current rate of job crea-tion is more than 50 % higher than the rate of job creation 4Q08. China’s official unemployment numbers are gener-ally considered unreliable; some estimates put China’s unemployment rate in recent months at around 10 %.
Labour market disputes (e.g. due to unpaid wages) are on the increase. Almost 100,000 civil claims were filed in the first quarter, a nearly 60 % jump from 1Q08.